NEW YORK – Agios said on Friday that it sold its royalty rights on worldwide net sales of enasidenib (Bristol Myers-Squibb's Idhifa), as well as its rights to receive up to $55 million in outstanding regulatory milestone payments from BMS, to Royalty Pharma for $255 million.
Enasidenib is approved in the US for adults with relapsed or refractory IDH2-mutated acute myeloid leukemia. The targeted dug was first developed by Agios and licensed to Celgene, which was acquired by BMS last year. Under the terms of Agios' agreement with Celgene, Celgene has worldwide development and commercialization rights to enasidenib, but Agios can continue to conduct certain clinical development activities within the enasidenib development program.
Agios will still receive reimbursements from BMS for co-promoting enasidenib under a 2010 collaboration agreement with Celgene. Additionally, Agios remains entitled to receive a $25 million payment upon achieving specific commercial milestones.
Royalty Pharma is a company that helps fund life sciences projects by either acquiring pharmaceutical royalties or partnering with companies directly to codevelop and cofund late-stage clinical trials.
"This non-dilutive funding provides us with additional financial flexibility as we continue to invest in advancing our robust clinical pipeline, including [the investigational PKR activator] mitapivat across three rare disease indications and our IDH inhibitors in solid tumors and novel combination approaches for AML," Agios CEO Jackie Fouse said in a statement.
Currently, Agios is advancing two IDH inhibitors, vorasidenib and ivosidenib (Tibsovo), across clinical trials in a variety of cancer indications including AML, glioma, and cholangiocarcinoma.